A few weeks back, we talked about what it costs home sellers to sell their Lake Havasu properties. Purchasing a home also comes with expenses (obviously). In fact, this is arguably one of the biggest financial decisions you will make in your lifetime. As you start your hunt, don’t forget there will be other costs associated with your purchase other than the price of the home. Here are five fees to keep in mind when buying a home in Lake Havasu.
Hidden Fees to Be Aware of When Buying a Home
Home Inspection
This is a crucial step in the home buying process. The findings that come from the inspection can help you negotiate price and repairs. Generally, you can expect to pay between $240 to $580 depending on the size of the home and the location. According to Home Blue, you pay anywhere from $240 to $340 for a 2000 sq ft home.
Title Services
Title services encompass the transfer of the title from the seller and a thorough search of the property’s records to ensure to no one will pop up with a claim to the property. Additionally, you may need to buy title insurance which will protect the lender or your investment in the Havasu home.
Appraisal Fee
Before getting a loan, you will likely be required to get an appraisal of the property to determine its estimated value. This will be conducted by a third-party company. The cost can land anywhere between $300 and $1,000, depending on the size of the home. According to Manta, the average cost of a home appraisal runs about $343.
HOA Fees
Many communities have a homeowners’ association that enforces monthly fees. This money is used for general maintenance and updates to areas like pools, parks, and more. Typical HOA fees are around $200 per month. Many Lake Havasu communities operate without an HOA. However, with the growth of new construction, they appear to be on the rise.
Taxes
The taxes each buyer pays at the closing table differ. But it is not uncommon for it to be up to two months’ worth of county and city property taxes. Additionally, there may be taxes for the transfer of the home title.
When you decide you want to start looking for your first, next, or last Lake Havasu City home, contact us.
Sunstone Real Estate Group at Coldwell Banker Realty, Lake Havasu City, AZ